Deutsche Bank initiates coverage on Alexion Pharmaceuticals (NASDAQ: ALXN) with a Buy rating and a price target of $164.

Analyst Andrew Peters said, "While ALXN has underperformed in 2016 along with the rest of biotech, we believe this weakness is not simply a sector-wide effect, but instead likely reflects concerns over multiple expansion in the face of slowing growth and emerging competition in the complement inhibitor landscape. Looking at these risks however we see reasons to be bullish on Alexion and point to 3Q16 results as illustrative of the potential path forward for continued growth and a pipeline-based strategy to counter potential competitive and biosimilar pressure."

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